ATO to crack down on tax debts

06 February 2017

The Government announced in their Economic Statement in December 2016 that it plans to allow the Australian Taxation Office (ATO) to disclose to credit reporting agencies the names of businesses and their owners who owe tax debts unless they have “effectively engaged with the ATO to manage these debts”.

This will cause serious disruption to many businesses that rely on credit from banks, suppliers and distributors. What happens to the small business that has had a cash flow problem in the recent past and for whatever reason, the tax was not paid? And as soon as availability of credit is withdrawn almost all these businesses will struggle if not fold.

Talk to Crown and Gleeson before you allow this to happen to your business. Paying tax debts is an ATO approved business loan purpose and is tax deductible.

If your business has already been listed by the ATO then you can still borrow from Crown and Gleeson as we do not do “credit checks” on applicants.

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